The Central Bank of Nigeria (CBN) has officially discredited a recent circular circulating online that claims the introduction of new N5,000 and N10,000 banknotes. In a statement, the CBN clarified that the circular is fake and does not originate from the bank. This comes after widespread confusion and concerns among Nigerians.
What the Fake Circular Claimed
The circular, which was shared on social media and various platforms, suggested that the CBN would soon issue new N5,000 and N10,000 notes into circulation. It also mentioned the possibility of phasing out lower denominations like the N200, N500, and N1,000 notes.
CBN’s Official Statement
In response, the CBN swiftly took to its official platforms to dismiss the claim. The bank clarified that it had no plans to introduce the new denominations and that the circular was fraudulent. CBN emphasized that any official release regarding currency changes would be made through their official channels.
Why the Fake Circular Raised Concerns
The announcement caused a stir as many Nigerians feared the new notes would lead to a devaluation of the Naira or fuel further inflation. Speculation over the creation of higher denominations also raised concerns about the possible negative impact on the economy, especially for everyday Nigerians who rely on smaller notes for daily transactions.
CBN’s Assurance
The CBN reassured Nigerians that the current notes remain valid and no changes to the Naira denominations are imminent. It also urged the public to be cautious of such misinformation and to rely only on official announcements from trusted sources like the CBN’s website, social media handles, or press releases.
What Nigerians Should Know
The CBN stressed that it will continue to ensure the stability of the nation’s currency and will take appropriate measures to protect against counterfeit notes and other forms of currency manipulation. The public is also encouraged to report any suspicious or fraudulent financial communications to the relevant authorities.
Impact of Fake News on the Economy
Misinformation about currency changes can have a significant effect on the economy. It may cause panic, hoarding, and unnecessary disruptions in the financial system. The CBN warned that spreading such false information can have unintended consequences for Nigeria’s financial stability.
The Role of the Public
The CBN emphasized the importance of public vigilance in avoiding the spread of fake news, especially regarding financial matters. It urged Nigerians to verify information before sharing or acting on it to avoid unnecessary confusion.
Staying Informed
The CBN’s swift response highlights the importance of staying informed and relying on official sources. While the recent rumour about the new N5,000 and N10,000 notes has been debunked, Nigerians should remain cautious and continue to seek out accurate information about their currency.
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Written By Fortune Davidson